At the beginning of June, the Bulgarian public company Bianor Holding announced they had acquired Digital Lights, together with 51% of Prime Holding. The €50M M&A deal consolidated the companies under a new brand, Wiser Technology, aiming to enhance the performance of the merged companies. Today, Wiser Technology, received approval from the Bulgarian Financial Supervision Commission (FSC) to proceed with an initial public offering (IPO) of shares on the Bulgarian Stock Exchange (BSE). This approval marks the commencement of the capital increase process.

Wiser Technology plans to issue up to 4,096,711 new shares at an issue price of €3.07 per share. If fully subscribed, this capital increase will bring in €12,6M and increase the total number of company shares to 16,386,844.

Sofia International Securities has been appointed as the lead arranger for this offering.

Capital increase from IPO will be used for acquisitions in Western Europe

Since the beginning of 2023, Bianor Holding has raised over €14.3M through an initial public offering on the BSE. The capital increase has facilitated 6 acquisitions, boosting the company’s pro forma consolidated revenues to €13.8M for the first half of this year – an increase of more than nine times compared to the same period last year.

“We are pleased to see considerable interest from investors, with close to €11M already committed. The proceeds from this capital increase will be used for acquisitions in Western Europe and to cover bridge financing used for the acquisition of Digital Lights earlier this year,” said Kosta Jordanov, CEO of Wiser.

M&A deals showcase an opportunity to gain competitive advantages and enhance value by leveraging synergies and emphasizing growth, global expansion, and competitiveness. That is especially evident with Bianor,  Prime and Digital Lights which have combined team of 500+ software engineers, scientists, and consultants. Now under one brand, Wiser Technology primarily targets sectors such as telecommunications, automotive, aerospace, defense, and finance, among others. Some of the group’s clients and project partners are Airbus, Leonardo, Indra, IBM, UniCredit, Nokia, Bosch, and more.

Sources: TheRecursive